Advisers need to focus on adapting the existing advice framework for retirees, according to Lonsec, but the researcher has said there is no "silver bullet" to overhaul the sector.
Lonsec chief executive Amanda Gillespie told InvestorDaily that retirement planning remains a key challenge for the advice industry and that the focus needs to turn to creating a specialised and flexible strategy.
"It's about having a flexible environment that can help tailor portfolio solutions to different needs, so there's not really a one-size-fits-all solution for a retirement client," Ms Gillespie said.
"There is no silver bullet here - and lots of people have been talking about the need for a different approach to retirement portfolios - but certainly we [Lonsec] have committed to tackling it and supporting the advice framework as best we can."
Ms Gillespie said that the traditional approach to portfolio construction is based around the accumulation phase of wealth generation.
She said that with the retirement income pressure created by an aging baby boomer demographic, it is necessary to look at different options that had retirement specific needs in mind.
"I suppose the key issue is that most of the planning framework is based around the accumulator and then what the existing approach is to modify or adapt to that framework in order to make it more suitable for retirees," Ms Gillespie said.
"The view that we've taken is to really start again and think about it differently because the needs of retirees are very different."
In response to increasing adviser need to retirement solutions, Lonsec have created a retirement solutions service from the research house's investment consulting team.
"There are a lot of people moving into that stage of their life, so it's certainly an opportunity for advisers to pick up clients and deliver some value," Ms Gillespie said.
"I suppose the challenge is making sure that it is the right advice and value add that they deliver . and I suppose that's where we think there is an opportunity for us to help in that process."
Lonsec also announced four appointments to its research team.
Simone Gavin joined as a senior investment analyst and is involved in the review of funds across all sectors, with focus on Australian equities, global equities, and global emerging markets.
Nicholas Thomas also joined as a senior investment analyst and will be responsible for undertaking managed funds research, with a focus on equity sectors. Lonsec also appointed Edward Rickard and James Kirk as graduate investment analysts.
